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☆ Saudi Arabia announces plans for six-runway hub airport in Riyadh
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Nov 28 (Reuters) - Saudi Crown Prince Mohammed bin Salman announced on Monday plans to transform Riyadh airport into a massive aviation hub with six parallel runways and designed to accommodate up to 120 million travellers by 2030, state news agency SPA reported. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), will build King Salman International Airport, which should stretch over 57 square kilometres (22.01 square miles) and include current King Khaled airport, SPA said. Aviation is part of a government strategy to become a global transportation and logistics hub by 2030, with Riyadh airport as the operation base of a brand new airline, RIA, that would compete with regional heavyweights Emirates and Qatar Airways. The kingdom has set itself high targets for diversifying its economy and reducing its dependence on oil, pouring hundreds of billions of dollars into a plan called Vision 2030 initiated by the kingdom's de facto ruler Prince Mohammed. It added King Salman airport would create 103,000 direct and indirect jobs, handle 185 million travellers and process 3.5 million tons of cargo by 2050.

☆ Saudi Arabia's PIF reduces majority stake in Saudi Tadawul Group
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 13 (Reuters) - Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said. PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030 plan to wean the economy off its dependence on oil. It sold a 6% stake in Saudi Telecom (STC) for 12 billion riyals ($3.2 billion) in December last year.

☆ Edtech firm Classera raises $40 mln in round led by PIF's Sanabil
▼ + stars: | 2022-10-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

The Series A round was led by Sanabil Investments, fully owned by Saudi Arabia's sovereign Public Investment Fund (PIF). Other investors were Global Ventures, Endeavor Catalyst, 500 Global, Sukna Venture and Seedra Ventures. "The round additionally included a diverse set of investors from Silicon Valley, emerging markets, and global family offices," the company said in a statement, without naming them. "Many learning institutions, especially after the pandemic, are convinced they need the next generation of e-learning solutions," Classera co-founder and CEO Mohammad Almadani said in the statement. Sanabil said in the same statement it was "fully committed to enable Classera to further expand its reach to learners across all socio-economic backgrounds."

☆ Saudi wealth fund braves market tumult in green bonds debut, others unlikely to rush
▼ + stars: | 2022-10-12 | by ( Yousef Saba | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterHe said that PIF's issuance of the first-ever 100-year green bonds showed investor confidence in its credit strength and Saudi Arabia's long-term commitment to energy transition. PIF sold $500 million of the 100-year bonds - the first bonds of that tenor from a debut issuer or a sovereign wealth fund, and the first 100-year issue in the region. Alaoui said the fund was expected to continue issuing green bonds, including green sukuk, or Islamic bonds, and to tap the onshore U.S. market in the coming years. Egypt, due to host the COP27 climate conference next month, became the region's first issuer of sovereign green bonds in 2020. First Abu Dhabi Bank (FAB.AD), which taps the market regularly and is one of the region's most active green issuer, followed up PIF's transaction a day later with a sale of $700 million worth of green bonds.

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